Phibro Animal Health (PAHC) 10-Q 6 Feb 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2018	Jan. 30, 2019
Entity Registrant Name	PHIBRO ANIMAL HEALTH CORP
Entity Central Index Key	1,069,899
Trading Symbol	pahc
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Class A common stock
Entity Common Stock, Shares Outstanding		20,283,777
Class B common stock
Entity Common Stock, Shares Outstanding		20,166,034

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Net sales	$ 218,223	$ 205,876	$ 418,376	$ 399,288
Cost of goods sold	149,579	138,957	283,927	268,987
Gross profit	68,644	66,919	134,449	130,301
Selling, general and administrative expenses	42,938	42,981	85,890	83,976
Operating income	25,706	23,938	48,559	46,325
Interest expense, net	3,015	3,050	5,798	6,168
Foreign currency (gains) losses, net	2,617	(323)	(18)	2
Income before income taxes	20,074	21,211	42,779	40,155
Provision for income taxes	5,326	14,179	11,717	17,231
Net income	$ 14,748	$ 7,032	$ 31,062	$ 22,924
Net income per share
basic (in dollars per share)	$ 0.37	$ 0.17	$ 0.77	$ 0.57
diluted (in dollars per share)	$ 0.36	$ 0.17	$ 0.77	$ 0.57
Weighted average common shares outstanding
basic (in shares)	40,383	40,186	40,376	40,065
diluted (in shares)	40,523	40,364	40,523	40,329

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 14,748	$ 7,032	$ 31,062	$ 22,924
Change in fair value of derivative instruments	(2,243)	(276)	(1,702)	(898)
Foreign currency translation adjustment	4,163	(5,005)	(3,519)	(1,772)
Unrecognized net pension gains (losses)	124	95	232	226
(Provision) benefit for income taxes	527	809	365	996
Other comprehensive income (loss)	2,571	(4,377)	(4,624)	(1,448)
Comprehensive income	$ 17,319	$ 2,655	$ 26,438	$ 21,476

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
ASSETS
Cash and cash equivalents	$ 31,336	$ 29,168
Short-term investments	49,000	50,000
Accounts receivable, net	144,050	135,742
Inventories, net	193,099	178,170
Other current assets	23,605	22,381
Total current assets	441,090	415,461
Property, plant and equipment, net	132,711	130,108
Intangibles, net	50,509	51,978
Goodwill	27,348	27,348
Other assets	45,634	46,784
Total assets	697,292	671,679
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt	12,577	12,579
Accounts payable	65,095	59,498
Accrued expenses and other current liabilities	58,157	71,144
Total current liabilities	135,829	143,221
Revolving credit facility	88,000	70,000
Long-term debt	223,699	229,802
Other liabilities	44,540	43,702
Total liabilities	492,068	486,725
Commitments and contingencies (Note 8)
Common stock, par value $0.0001 per share; 300,000,000 Class A shares authorized, 20,220,534 and 19,992,204 shares issued and outstanding at December 31, 2018 and June 30, 2018, respectively; 30,000,000 Class B shares authorized, 20,166,034 and 20,365,504 shares issued and outstanding at December 31, 2018 and June 30, 2018, respectively	4	4
Preferred stock, par value $0.0001 per share; 16,000,000 shares authorized, no shares issued and outstanding
Paid-in capital	131,343	129,873
Retained earnings	154,984	131,560
Accumulated other comprehensive income (loss)	(81,107)	(76,483)
Total stockholders' equity	205,224	184,954
Total liabilities and stockholders' equity	$ 697,292	$ 671,679

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2018	Jun. 30, 2018
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	16,000,000	16,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	20,220,534	19,992,204
Common stock, shares outstanding	20,220,534	19,992,204
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	20,166,034	20,365,504
Common stock, shares outstanding	20,166,034	20,365,504

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES
Net income	$ 31,062	$ 22,924
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization	13,532	13,275
Amortization of debt issuance costs and debt discount	441	441
Stock-based compensation	1,129
Acquisition-related cost of goods sold		1,671
Acquisition-related accrued compensation		924
Acquisition-related accrued interest		505
Deferred income taxes	135	5,725
Foreign currency (gains) losses, net	12	11
Other	(1,071)	418
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable, net	(8,906)	(5,075)
Inventories, net	(16,278)	(10,845)
Other current assets	(3,616)	(4,751)
Other assets	866	664
Accounts payable	5,169	7,473
Accrued expenses and other liabilities	(5,839)	3,733
Net cash provided (used) by operating activities	16,636	37,093
INVESTING ACTIVITIES
Purchases of short-term investments	(10,000)	(27,000)
Maturities of short-term investments	11,000
Capital expenditures	(12,117)	(8,851)
Business acquisitions	(9,838)	(15,000)
Other, net	27	(716)
Net cash provided (used) by investing activities	(20,928)	(51,567)
FINANCING ACTIVITIES
Revolving credit facility borrowings	103,000	109,870
Revolving credit facility repayments	(85,000)	(103,870)
Payments of long-term debt, capital leases and other	(6,359)	(3,236)
Issuance of acquisition note payable	3,775
Proceeds from common shares issued	341	3,700
Dividends paid	(8,883)	(8,008)
Net cash provided (used) by financing activities	6,874	(1,544)
Effect of exchange rate changes on cash	(414)	120
Net increase (decrease) in cash and cash equivalents	2,168	(15,898)
Cash and cash equivalents at beginning of period	29,168	56,083
Cash and cash equivalents at end of period	$ 31,336	$ 40,185

Description of Business

Description of Business	6 Months Ended
	Dec. 31, 2018
Description Of Business [Abstract]
Description of Business	1. Description of Business Phibro Animal Health Corporation (“Phibro” or “PAHC”) and its subsidiaries (together, the “Company”) is a diversified global developer, manufacturer and marketer of a broad range of animal health and mineral nutrition products for food animals including poultry, swine, cattle, dairy and aquaculture. The Company is also a manufacturer and marketer of performance products for use in the personal care, industrial chemical and chemical catalyst industries. Unless otherwise indicated or the context requires otherwise, references in this report to “we,” “our,” “us,” and similar expressions refer to Phibro and its subsidiaries. The unaudited consolidated financial information for the three and six months ended December 31, 2018 and 2017, is presented on the same basis as the financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018 (the “Annual Report”), filed with the Securities and Exchange Commission on August 27, 2018 (File no. 001-36410). In the opinion of management, these financial statements include all adjustments necessary for a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods, and the adjustments are of a normal and recurring nature. The financial results for any interim period are not necessarily indicative of the results for the full year. The consolidated balance sheet information as of June 30, 2018, was derived from the audited consolidated financial statements, which include the accounts of Phibro and its consolidated subsidiaries, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The unaudited consolidated financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report. The consolidated financial statements include the accounts of Phibro and its consolidated subsidiaries. Intercompany balances and transactions have been eliminated in the consolidated financial statements. The decision whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective control over the entity.

Summary of Significant Accounti

Summary of Significant Accounting Policies and New Accounting Standards	6 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and New Accounting Standards	2 Summary of Significant Accounting Policies and New Accounting Standards Our significant accounting policies are described in the notes to the consolidated financial statements included in our Annual Report. We adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue Recognition We recognize revenue from product sales when control of the products has transferred to the customer, typically when title and risk of loss transfer to the customer. Certain of our businesses have terms where control of the underlying products transfers to the customer on shipment, while others have terms where control transfers to the customer on delivery. Revenue reflects the total consideration to which we expect to be entitled, in exchange for delivery of products or services, net of variable consideration. Variable consideration includes customer programs and incentive offerings, including pricing arrangements, rebates and other volume-based incentives. We record reductions to revenue for estimated variable consideration at the time we record the sale. Our estimates for variable consideration primarily use the most-likely amount method. Such estimates are generally based on contractual terms and historical experience, and are adjusted to reflect future expectations as new information becomes available. Historically, we have not had significant adjustments to our estimates of customer incentives. Sales returns and product recalls have been insignificant and infrequent due to the nature of the products we sell. Net sales include shipping and handling fees billed to customers. The associated costs are considered fulfillment activities, not additional promised services to the customer, and are included in costs of goods sold in the consolidated statements of operations when the related revenue is recognized. Net sales exclude value-added and other taxes based on sales. Net Income per Share, Weighted Average Shares and Dividends per Share Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period after giving effect to potential dilutive common shares resulting from the assumed exercise of stock options and vesting of restricted stock units. All common share equivalents were included in the calculation of diluted net income per share for all periods presented. Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 Net income $ 14,748 $ 7,032 $ 31,062 $ 22,924 Weighted average number of shares – basic 40,383 40,186 40,376 40,065 Dilutive effect of stock options and restricted stock units 140 178 147 264 Weighted average number of shares – diluted 40,523 40,364 40,523 40,329 Net income per share basic $ 0.37 $ 0.17 $ 0.77 $ 0.57 diluted $ 0.36 $ 0.17 $ 0.77 $ 0.57 Dividends per share $ 0.12 $ 0.10 $ 0.22 $ 0.20 New Accounting Standards ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ASU 2016-02, Leases (Topic 842) ASU 2014-09, Revenue from Contracts with Customers (Topic 606) The total cumulative effect of initial adoption of the new standard resulted in the following changes to our consolidated balance sheet: As of July 1, 2018 Effect of Adoption Post-adoption Other current assets $ 2,100 $ 24,481 Other assets 2,325 49,109 Accrued expenses and other current liabilities 343 71,487 Other liabilities 2,837 46,539 Retained earnings $ 1,245 $ 132,805 The current year effect of the adoption of the new standard resulted in the following changes to our consolidated balance sheet and consolidated statement of operations: As of December 31. 2018 Effect of adoption As reported Other current assets $ 100 $ 23,605 Other assets 125 45,634 Other liabilities (108 ) 44,540 Retained earnings $ 333 $ 154,984 Three Months Six Months For the Periods Ended December 31, 2018 Effect of adoption As reported Effect of adoption As reported Net sales $ 198 $ 218,223 $ 396 $ 418,376 Provision for income taxes 32 5,326 63 11,717 Net income $ 166 $ 14,748 $ 333 $ 31,062 For changes to our policy resulting from the adoption of ASU 2014-09, see “—Summary of Significant Accounting Policies and New Accounting Standards—Revenue Recognition.” See “Statements of Operations—Additional Information” for our disclosures regarding disaggregated revenue, deferred revenue and customer payment terms.

Statements of Operations-Additi

Statements of Operations-Additional Information	6 Months Ended
	Dec. 31, 2018
Statements Of Operations Additional Information [Abstract]
Statements of Operations-Additional Information	3. Statements of Operations—Additional Information Disaggregated revenue, deferred revenue and customer payment terms We develop, manufacture and market products for a broad range of food animals including poultry, swine, beef and dairy cattle and aquaculture. The products help prevent, control and treat diseases, enhance nutrition to help improve health and contribute to balanced mineral nutrition. The animal health and mineral nutrition products are sold either directly to integrated poultry, swine and cattle integrators or through commercial animal feed manufacturers, wholesalers and distributors. The animal health industry and demand for many of the animal health products in a particular region are affected by changing disease pressures and by weather conditions, as product usage follows varying weather patterns and seasons. Our operations are primarily focused in regions where the majority of livestock production is consolidated in large commercial farms. We have a diversified portfolio of products that are classified within our three business segments—Animal Health, Mineral Nutrition and Performance Products. Each segment has its own dedicated management and sales team. Animal Health The Animal Health business develops, manufactures and markets products in three main categories: • MFAs and Other: The MFAs and other business primarily consists of concentrated medicated products that are administered through animal feeds, commonly referred to as Medicated Feed Additives (“MFAs”). Specific product classifications include antibacterials, which inhibit the growth of pathogenic bacteria that cause bacterial infections in animals; anticoccidials, which inhibit the growth of coccidia (parasites) that damage the intestinal tract of animals; and other related products. • Nutritional Specialties: Nutritional specialty products enhance nutrition to help improve health and performance in areas such as immune system function and digestive health. • Vaccines: Our vaccines are primarily focused on preventing diseases in poultry and swine. They protect animals from either viral or bacterial disease challenges. We also manufacture and distribute autogenous vaccine products and market adjuvants to vaccine manufacturers. We have developed an innovative and proprietary delivery platform for vaccines. Mineral Nutrition The Mineral Nutrition business is comprised of formulations and concentrations of trace minerals such as zinc, manganese, copper, iron and other compounds, with a focus on customers in North America. The customers use these products to fortify the daily feed requirements of their livestock’s diets and maintain an optimal balance of trace elements in each animal. Mineral nutrition products are manufactured and marketed for a broad range of food animals including poultry, swine and beef and dairy cattle. Performance Products The Performance Products business manufactures and markets a number of specialty ingredients for use in the personal care, industrial chemical and chemical catalyst industries, predominantly in the United States. The following tables present our revenues disaggregated by major product category and geographic region: Net Sales by Product Type Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 Animal Health MFAs and other $ 93,054 $ 82,018 $ 180,058 $ 161,621 Nutritional specialties 29,460 32,623 56,430 63,400 Vaccines 17,048 18,204 34,263 36,665 Total Animal Health $ 139,562 $ 132,845 $ 270,751 $ 261,686 Mineral Nutrition 62,319 59,616 117,157 111,689 Performance Products 16,342 13,415 30,468 25,913 Total $ 218,223 $ 205,876 $ 418,376 $ 399,288 Net Sales by Region Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 United States $ 127,750 $ 129,379 $ 243,842 $ 242,548 Latin America and Canada 39,316 36,126 77,575 68,452 Europe, Middle East and Africa 26,181 27,672 51,040 53,054 Asia Pacific 24,976 12,699 45,919 35,234 Total $ 218,223 $ 205,876 $ 418,376 $ 399,288 Net sales by region are based on country of destination. Total deferred revenue was $6,416 and $4,530 as of December 31, 2018 and June 30, 2018, respectively. Accrued expenses and other current liabilities included $1,471 and $508 of the total deferred revenue as of December 31, 2018 and June 30, 2018, respectively. The deferred revenue resulted primarily from certain customer arrangements, including technology licensing fees and discounts on future product sales. The transaction price associated with our deferred revenue arrangements is generally based on the stand alone sales prices of the individual products or services. Our customer payment terms generally range from 30 to 120 days globally and do not include any significant financing components. Payment terms vary based on industry and business practices within the regions in which we operate. Our average worldwide collection period for accounts receivable is approximately 60 days after the revenue is recognized. Interest expense and Depreciation and amortization Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 Interest expense, net Term loan $ 2,202 $ 2,110 $ 4,314 $ 4,143 Revolving credit facility 920 739 1,667 1,420 Amortization of debt issuance costs and debt discount 220 220 441 441 Acquisition-related accrued interest — 252 — 505 Other 120 2 283 241 Interest expense 3,462 3,323 6,705 6,750 Interest (income) (447 ) (273 ) (907 ) (582 ) $ 3,015 $ 3,050 $ 5,798 $ 6,168 Depreciation and amortization Depreciation of property, plant and equipment $ 5,308 $ 5,222 $ 10,496 $ 10,405 Amortization of intangible assets 1,521 1,397 3,012 2,846 Amortization of other assets 12 12 24 24 $ 6,841 $ 6,631 $ 13,532 $ 13,275

Balance Sheets-Additional Infor

Balance Sheets-Additional Information	6 Months Ended
	Dec. 31, 2018
Balance Sheets Additional Information [Abstract]
Balance Sheets-Additional Information	4. Balance Sheets—Additional Information As of December 31, 2018 June 30, 2018 Inventories Raw materials $ 80,649 $ 62,373 Work-in-process 14,907 14,731 Finished goods 97,543 101,066 $ 193,099 $ 178,170 We evaluate our investments in equity method investees for impairment if circumstances indicate that the fair value of the investment may be impaired. The assets underlying a $3,141 equity investment are currently idled; we have concluded the investment is not currently impaired, based on expected future operating cash flows and/or disposal value. As of December 31, 2018 June 30, 2018 Accrued expenses and other current liabilities Employee related $ 21,282 $ 27,333 Commissions and rebates 7,510 7,341 Insurance-related 1,563 1,168 Professional fees 4,599 4,350 Income and other taxes 4,122 3,610 Acquisition-related consideration 3,928 12,845 Other 15,153 14,497 $ 58,157 $ 71,144 In July 2018, we accelerated the closing date and completed the purchase of intellectual property and certain other assets comprising the MJ Biologics, Inc. (“MJB”) business relating to animal vaccines. The Company and MJB had originally agreed to the purchase business combination in January 2015, with a contemplated final closing date in January 2021. The final amount due, net of previously paid amounts, was $12,775, including $9,000 paid in July 2018 and $3,775 paid in January 2019. As of December 31, 2018 June 30, 2018 Accumulated other comprehensive income (loss) Derivative instruments $ 3,284 $ 4,986 Foreign currency translation adjustment (70,617 ) (67,098 ) Unrecognized net pension gains (losses) (17,981 ) (18,213 ) (Provision) benefit for income taxes on derivative instruments (818 ) (1,241 ) (Provision) benefit for income taxes on long-term intercompany investments 8,166 8,166 (Provision) benefit for income taxes on pension gains (losses) (3,141 ) (3,083 ) $ (81,107 ) $ (76,483 )

Debt

Debt	6 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	5. Debt Term Loans and Revolving Credit Facilities Pursuant to a credit agreement (the “Credit Agreement”), we have a revolving credit facility (the “Revolver”), where we can borrow up to $250,000, subject to the terms of the agreement, and a term A loan with an aggregate initial principal amount of  $250,000 (the “Term A Loan,” and together with the Revolver, the “Credit Facilities”). The Credit Facilities have applicable margins equal to 2.00%, 1.75% or 1.50%, in the case of LIBOR and Eurodollar rate loans and 1.00%, 0.75% or 0.50%, in the case of base rate loans; the applicable margins are based on the First Lien Net Leverage Ratio, as defined in the Credit Agreement. The LIBOR rate is subject to a floor of 0.00%. The Credit Facilities mature on June 29, 2022. The Credit Facilities require, among other things, the maintenance of  (i) a maximum First Lien Net Leverage Ratio and (ii) a minimum consolidated interest coverage ratio, each calculated on a trailing four quarter basis, and contain an acceleration clause should an event of default (as defined in the agreement governing the Credit Facilities) occur. As of December 31, 2018, we were in compliance with the covenants of the Credit Facilities. As of December 31, 2018, we had $88,000 in borrowings under the Revolver and had outstanding letters of credit of  $4,191, leaving $157,809 available for borrowings and letters of credit under the Revolver. We obtain letters of credit in connection with certain regulatory and insurance obligations, inventory purchases and other contractual obligations. The terms of these letters of credit are one year or less. As of December 31, 2018, the interest rates for the Revolver and the Term A Loan were 4.00% and 3.58%, respectively. The weighted-average interest rates for the outstanding revolving credit facilities were 3.71% and 3.01% for the six months ended December 31, 2018 and 2017, respectively. The weighted-average interest rates for the term loans were 3.47% and 3.29% for the six months ended December 31, 2018 and 2017, respectively. In July 2017, we entered into an interest rate swap agreement on $150 million of notional principal that effectively converts the floating LIBOR or base rate portion of our interest obligation on that amount of debt, to a fixed interest rate of 1.8325% plus the applicable rate. The agreement matures concurrent with the Credit Agreement. The interest rate swap has been designated as a highly effective cash flow hedge. For additional details, see “—Derivatives.” Long-Term Debt As of December 31, 2018 June 30, 2018 Term A Loan due June 2022 $ 237,500 $ 243,750 Capitalized lease obligations 77 118 237,577 243,868 Unamortized debt issuance costs and debt discount (1,301 ) (1,487 ) 236,276 242,381 Less: current maturities (12,577 ) (12,579 ) $ 223,699 $ 229,802

Related Party Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	6. Related Party Transactions Certain relatives of Jack C. Bendheim, our Chairman, President and Chief Executive Officer, provided services to us as employees or consultants and received aggregate compensation and benefits of approximately $430 and $409 during the three months ended December 31, 2018 and 2017, respectively, and $1,213 and $1,129 during the six months ended December 31, 2018 and 2017, respectively. Mr. Bendheim has sole authority to vote shares of our stock owned by BFI Co., LLC, an investment vehicle of the Bendheim family.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes In December 2017, the United States government enacted comprehensive income tax legislation (the “Tax Act”). The Tax Act makes broad and complex changes to United States income tax law and includes numerous elements that affect the Company, including a reduced federal corporate income tax rate from 35% to 21%, creating a territorial tax system that includes a one-time mandatory transition tax on previously deferred foreign earnings and changes to business-related exclusions, deductions and credits. The Tax Act also has consequences related to our international operations. We have elected to record Global Intangible Low-Taxed Income (GILTI) aspects of the comprehensive U.S. income tax legislation as a current period expense. The provision for income taxes for the three and six months ended December 31, 2018, included $315 and $672 of expense, respectively, from the effects of GILTI. During the three months ended December 31, 2018, we completed our analysis and accounting for the Tax Act and recorded a $715 reduction in the provision for income taxes, related to the previously recorded one-time mandatory toll charge on the deemed repatriation of undistributed earnings of foreign subsidiaries.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Environmental Our operations and properties are subject to extensive federal, state, local and foreign laws and regulations, including those governing pollution; protection of the environment; the use, management, and release of hazardous materials, substances and wastes; air emissions; greenhouse gas emissions; water use, supply and discharges; the investigation and remediation of contamination; the manufacture, distribution, and sale of regulated materials, including pesticides; the importing, exporting and transportation of products; and the health and safety of our employees (collectively, “Environmental Laws”). As such, the nature of our current and former operations exposes us to the risk of claims with respect to such matters, including fines, penalties, and remediation obligations that may be imposed by regulatory authorities. Under certain circumstances, we might be required to curtail operations until a particular problem is remedied. Known costs and expenses under Environmental Laws incidental to ongoing operations, including the cost of litigation proceedings relating to environmental matters, are included within operating results. Potential costs and expenses may also be incurred in connection with the repair or upgrade of facilities to meet existing or new requirements under Environmental Laws or to investigate or remediate potential or actual contamination and from time to time we establish reserves for such contemplated investigation and remediation costs. In many instances, the ultimate costs under Environmental Laws and the time period during which such costs are likely to be incurred are difficult to predict. While we believe that our operations are currently in material compliance with Environmental Laws, we have, from time to time, received notices of violation from governmental authorities, and have been involved in civil or criminal action for such violations. Additionally, at various sites, our subsidiaries are engaged in continuing investigation, remediation and/or monitoring efforts to address contamination associated with historic operations of the sites. We devote considerable resources to complying with Environmental Laws and managing environmental liabilities. We have developed programs to identify requirements under, and maintain compliance with Environmental Laws; however, we cannot predict with certainty the effect of increased and more stringent regulation on our operations, future capital expenditure requirements, or the cost of compliance. The nature of our current and former operations exposes us to the risk of claims with respect to environmental matters and we cannot assure we will not incur material costs and liabilities in connection with such claims. Based upon our experience to date, we believe that the future cost of compliance with existing Environmental Laws, and liabilities for known environmental claims pursuant to such Environmental Laws, will not have a material adverse effect on our financial position, results of operations, cash flows or liquidity. The United States Environmental Protection Agency (the “EPA”) is investigating and planning for the remediation of offsite contaminated groundwater that has migrated from the Omega Chemical Corporation Superfund Site (“Omega Chemical Site”), which is upgradient of Phibro-Tech’s Santa Fe Springs, California facility. The EPA has named Phibro-Tech and certain other subsidiaries of PAHC as potentially responsible parties (“PRPs”) due to groundwater contamination from Phibro-Tech’s Santa Fe Springs facility that has allegedly commingled with contaminated groundwater from the Omega Chemical Site. In September 2012, the EPA notified approximately 140 PRPs, including Phibro-Tech and the other subsidiaries, that they have been identified as potentially responsible for remedial action for the groundwater plume affected by the Omega Chemical Site and for EPA oversight and response costs. Phibro-Tech contends that any groundwater contamination at its site is localized and due to historical operations that pre-date Phibro-Tech and/or contaminated groundwater that has migrated from upgradient properties. In addition, a successor to a prior owner of the Phibro-Tech site has asserted that PAHC and Phibro-Tech are obligated to provide indemnification for its potential liability and defense costs relating to the groundwater plume affected by the Omega Chemical Site. Phibro-Tech has vigorously contested this position and has asserted that the successor to the prior owner is required to indemnify Phibro-Tech for its potential liability and defense costs. Furthermore, a group of companies that sent chemicals to the Omega Chemical Site for processing and recycling has filed a complaint under CERCLA and RCRA in the United States District Court for the Central District of California against many of the PRPs allegedly associated with the groundwater plume affected by the Omega Chemical Site (including Phibro-Tech) for contribution toward past and future costs associated with the investigation and remediation of the groundwater plume affected by the Omega Chemical Site. Due to the ongoing nature of the EPA’s investigation, the preliminary stage of the ongoing litigation and Phibro-Tech’s dispute with the prior owner’s successor, at this time we cannot predict with any degree of certainty what, if any, liability Phibro-Tech or the other subsidiaries may ultimately have for investigation, remediation and the EPA oversight and response costs associated with the affected groundwater plume. Based upon information available, to the extent such costs can be estimated with reasonable certainty, we estimated the cost for further investigation and remediation of identified soil and groundwater problems at operating sites, closed sites and third-party sites, and closure costs for closed sites, to be approximately $6,598 and $6,833 at December 31, 2018 and June 30, 2018, respectively, which is included in current and long-term liabilities on the consolidated balance sheets. However, future events, such as new information, changes in existing Environmental Laws or their interpretation, and more vigorous enforcement policies of regulatory agencies, may give rise to additional expenditures or liabilities that could be material. For all purposes of the discussion under this caption and elsewhere in this report, it should be noted that we take and have taken the position that neither PAHC nor any of our subsidiaries is liable for environmental or other claims made against one or more of our other subsidiaries or for which any of such other subsidiaries may ultimately be responsible. Claims and Litigation PAHC and its subsidiaries are party to a number of claims and lawsuits arising out of the normal course of business including product liabilities, payment disputes and governmental regulation. Certain of these actions seek damages in various amounts. In many cases, our insurance policies will cover such claims. We believe that none of the claims or pending lawsuits, either individually or in the aggregate, will have a material adverse effect on our financial position, results of operations, cash flows or liquidity.

Derivatives

Derivatives	6 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	9. Derivatives We monitor our exposure to foreign currency exchange rates and interest rates and from time-to-time use derivatives to manage certain of these risks. We designate derivatives as a hedge of a forecasted transaction or of the variability of the cash flows to be received or paid in the future related to a recognized asset or liability (cash flow hedge). All changes in the fair value of a highly effective cash flow hedge are recorded as an asset or liability with a corresponding amount recorded in accumulated other comprehensive income (loss). We routinely assess whether the derivatives used to hedge transactions are effective. If we determine a derivative ceases to be an effective hedge, we discontinue hedge accounting in the period of the assessment for that derivative, and immediately recognize any unrealized gains or losses related to the fair value of that derivative in the consolidated statements of operations. We record derivatives at fair value in the consolidated balance sheets. For additional details regarding fair value, see “—Fair Value Measurements.” We entered into an interest rate swap agreement on $150,000 of notional principal that effectively converts the floating LIBOR or base rate portion of our interest obligation on that amount of debt, to a fixed interest rate of 1.8325% plus the applicable rate. The agreement matures concurrent with the Credit Agreement. The forecasted transactions are probable of occurring, and the interest rate swap has been designated as a highly effective cash flow hedge. We entered into foreign currency option contracts to hedge cash flows related to monthly inventory purchases. The individual option contracts mature monthly through June 2020. The forecasted inventory purchases are probable of occurring and the individual option contracts were designated as highly effective cash flow hedges. The following table summarizes the outstanding derivatives that are designated and effective as cash flow hedges as of December 31, 2018: Instrument Hedge Notional Consolidated Fair value as of December 31, June 30, Options Brazilian Real calls R$75,000 (1 ) $ 551 $ 71 Options Brazilian Real puts R$75,000 (1 ) $ (146 ) $ — Swap Interest rate swap $150,000 Other assets $ 2,972 $ 5,078 (1) We record the net fair values of our outstanding foreign currency option contracts within the respective balance sheet line item based on the net financial position and maturity date of the individual contracts as of the balance sheet date. The net fair values of  $405 and $71 were included in other current assets as of December 31, 2018 and June 30, 2018, respectively. The following tables show the effects of derivatives on the consolidated statements of operations and other comprehensive income for the three and six months ended December 31, 2018 and 2017. For the Three Months Ended December 31 Instrument Hedge Gain (Loss) recorded in OCI Gain (Loss) recognized in Consolidated Statement 2018 2017 Consolidated 2018 2017 2018 2017 Options Brazilian Real puts and calls $ 513 $ (1,781 ) Cost of goods sold $ — $ 517 $ 149,579 $ 138,957 Swap Interest rate swap $ (2,756 ) $ 1,505 Interest expense, net $ — $ — $ 3,015 $ 3,050 For the Six Months Ended December 31 Instrument Hedge Gain (Loss) recorded in OCI Gain (Loss) recognized in Consolidated Statement 2018 2017 Consolidated 2018 2017 2018 2017 Options Brazilian Real puts and calls $ 404 $ (2,686 ) Cost of goods sold $ 1,084 $ 703 $ 283,927 $ 268,987 Swap Interest rate swap $ (2,106 ) $ 1,788 Interest expense, net $ — $ — $ 5,798 $ 6,168 We recognize gains (losses) related to these foreign currency derivatives as a component of cost of goods sold at the time the hedged item is sold. Realized net gains of $1,084 related to matured contracts were recorded as a component of inventory as of June 30, 2018 and were fully recognized as an offset to costs of goods sold during the three months ended September 30, 2018.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	10. Fair Value Measurements Short-term investments As of December 31, 2018, our short-term investments consist of cash deposits held at financial institutions. We consider the carrying amounts of these short-term investments to be representative of their fair value. Derivatives We determine the fair value of derivative instruments based upon pricing models using observable market inputs for these types of financial instruments, such as spot and forward currency translation rates, and interest rate curves. Fair Value of Assets (Liabilities) As of December 31, 2018 June 30, 2018 Level 1 Level 2 Level 1 Level 2 Short-term investments $ 49,000 $ — $ 50,000 $ — Derivatives asset (liability) $ — $ 405 $ — $ 71 Interest rate swap $ — $ 2,972 $ — $ 5,078 There were no Level 3 fair value measurements as of the periods presented.

Business Segments

Business Segments	6 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Business Segments	11. Business Segments We evaluate performance and allocate resources based on the Animal Health, Mineral Nutrition and Performance Products segments. Certain of our costs and assets are not directly attributable to these segments and we refer to these items as Corporate. We do not allocate Corporate costs or assets to the segments because they are not used to evaluate the segments’ operating results or financial position. Corporate costs include certain costs related to executive management, business technology, legal, finance, human resources and business development. Corporate assets include cash and cash equivalents, certain debt issue costs, income tax related assets and certain other assets. We evaluate performance of our segments based on Adjusted EBITDA. We define Adjusted EBITDA as income before income taxes plus (a) interest expense, net, (b) depreciation and amortization, (c) (income) loss from, and disposal of, discontinued operations, (d) other expense or less other income, as separately reported on our consolidated statements of operations, including foreign currency gains and losses and loss on extinguishment of debt, and (e) certain items that we consider to be unusual, non-operational or non-recurring. The accounting policies of our segments are the same as those described in the summary of significant accounting policies included herein. Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 Net sales Animal Health $ 139,562 $ 132,845 $ 270,751 $ 261,686 Mineral Nutrition 62,319 59,616 117,157 111,689 Performance Products 16,342 13,415 30,468 25,913 Total segments $ 218,223 $ 205,876 $ 418,376 $ 399,288 Depreciation and amortization Animal Health $ 5,493 $ 5,265 $ 10,849 $ 10,519 Mineral Nutrition 616 584 1,213 1,169 Performance Products 279 259 552 505 Total segments $ 6,388 $ 6,108 $ 12,614 $ 12,193 Adjusted EBITDA Animal Health $ 35,925 $ 35,036 $ 71,641 $ 68,778 Mineral Nutrition 4,084 5,614 6,647 9,330 Performance Products 1,514 264 2,230 512 Total segments $ 41,523 $ 40,914 $ 80,518 $ 78,620 Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 Reconciliation of income before income taxes to Adjusted EBITDA Income before income taxes $ 20,074 $ 21,211 $ 42,779 $ 40,155 Interest expense, net 3,015 3,050 5,798 6,168 Depreciation and amortization – Total segments 6,388 6,108 12,614 12,193 Depreciation and amortization – Corporate 453 523 918 1,082 Corporate costs 9,918 8,436 18,804 16,025 Stock-based 564 — 1,129 — Acquisition-related cost of goods sold — 1,422 — 1,671 Acquisition-related accrued compensation — 487 — 924 Acquisition-related transaction — — — 400 Other, net (1,506 ) — (1,506 ) — Foreign currency (gains) losses, 2,617 (323 ) (18 ) 2 Adjusted EBITDA – Total segments $ 41,523 $ 40,914 $ 80,518 $ 78,620 As of December 31, 2018 June 30, 2018 Identifiable assets Animal Health $ 472,534 $ 455,704 Mineral Nutrition 77,351 69,779 Performance Products 32,430 24,040 Total segments 582,315 549,523 Corporate 114,977 122,156 Total $ 697,292 $ 671,679 The Animal Health segment includes all goodwill of the Company. The Animal Health segment includes advances to and investment in an equity method investee of  $3,141 and $3,432 as of December 31, 2018 and June 30, 2018, respectively. The Performance Products segment includes an investment in an equity method investee of  $629 and $437 as of December 31, 2018 and June 30, 2018, respectively. Corporate assets include cash and cash equivalents, short-term investments, certain debt issuance costs, income tax related assets and certain other assets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and New Accounting Standards (Policies)	6 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition We recognize revenue from product sales when control of the products has transferred to the customer, typically when title and risk of loss transfer to the customer. Certain of our businesses have terms where control of the underlying products transfers to the customer on shipment, while others have terms where control transfers to the customer on delivery. Revenue reflects the total consideration to which we expect to be entitled, in exchange for delivery of products or services, net of variable consideration. Variable consideration includes customer programs and incentive offerings, including pricing arrangements, rebates and other volume-based incentives. We record reductions to revenue for estimated variable consideration at the time we record the sale. Our estimates for variable consideration primarily use the most-likely amount method. Such estimates are generally based on contractual terms and historical experience, and are adjusted to reflect future expectations as new information becomes available. Historically, we have not had significant adjustments to our estimates of customer incentives. Sales returns and product recalls have been insignificant and infrequent due to the nature of the products we sell. Net sales include shipping and handling fees billed to customers. The associated costs are considered fulfillment activities, not additional promised services to the customer, and are included in costs of goods sold in the consolidated statements of operations when the related revenue is recognized. Net sales exclude value-added and other taxes based on sales.
Net Income per Share, Weighted Average Shares and Dividends per Share	Net Income per Share, Weighted Average Sharesand Dividends per Share Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period after giving effect to potential dilutive common shares resulting from the assumed exercise of stock options and vesting of restricted stock units. All common share equivalents were included in the calculation of diluted net income per share for all periods presented. Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 Net income $ 14,748 $ 7,032 $ 31,062 $ 22,924 Weighted average number of shares – basic 40,383 40,186 40,376 40,065 Dilutive effect of stock options and restricted stock units 140 178 147 264 Weighted average number of shares – diluted 40,523 40,364 40,523 40,329 Net income per share basic $ 0.37 $ 0.17 $ 0.77 $ 0.57 diluted $ 0.36 $ 0.17 $ 0.77 $ 0.57 Dividends per share $ 0.12 $ 0.10 $ 0.22 $ 0.20
New Accounting Standards	New Accounting Standards ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ASU 2016-02, Leases (Topic 842) ASU 2014-09, Revenue from Contracts with Customers (Topic 606) The total cumulative effect of initial adoption of the new standard resulted in the following changes to our consolidated balance sheet: As of July 1, 2018 Effect of Post-adoption Other current assets $ 2,100 $ 24,481 Other assets 2,325 49,109 Accrued expenses and other current liabilities 343 71,487 Other liabilities 2,837 46,539 Retained earnings $ 1,245 $ 132,805 The current year effect of the adoption of the new standard resulted in the following changes to our consolidated balance sheet and consolidated statement of operations: As of December 31. 2018 Effect of As reported Other current assets $ 100 $ 23,605 Other assets 125 45,634 Other liabilities (108 ) 44,540 Retained earnings $ 333 $ 154,984 Three Months Six Months For the Periods Ended December 31, 2018 Effect of As reported Effect of As reported Net sales $ 198 $ 218,223 $ 396 $ 418,376 Provision for income taxes 32 5,326 63 11,717 Net income $ 166 $ 14,748 $ 333 $ 31,062 For changes to our policy resulting from the adoption of ASU 2014-09, see “—Summary of Significant Accounting Policies and New Accounting Standards—Revenue Recognition.” See “Statements of Operations—Additional Information” for our disclosures regarding disaggregated revenue, deferred revenue and customer payment terms.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and New Accounting Standards (Tables)	6 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of Net Income per Share, Weighted Average Shares and Dividends per Share	Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 Net income $ 14,748 $ 7,032 $ 31,062 $ 22,924 Weighted average number of shares – basic 40,383 40,186 40,376 40,065 Dilutive effect of stock options and restricted stock units 140 178 147 264 Weighted average number of shares – diluted 40,523 40,364 40,523 40,329 Net income per share basic $ 0.37 $ 0.17 $ 0.77 $ 0.57 diluted $ 0.36 $ 0.17 $ 0.77 $ 0.57 Dividends per share $ 0.12 $ 0.10 $ 0.22 $ 0.20
Schedule of adoption to reported results	As of July 1, 2018 Effect of Post-adoption Other current assets $ 2,100 $ 24,481 Other assets 2,325 49,109 Accrued expenses and other current liabilities 343 71,487 Other liabilities 2,837 46,539 Retained earnings $ 1,245 $ 132,805 As of December 31. 2018 Effect of As reported Other current assets $ 100 $ 23,605 Other assets 125 45,634 Other liabilities (108 ) 44,540 Retained earnings $ 333 $ 154,984 Three Months Six Months For the Periods Ended December 31, 2018 Effect of As reported Effect of As reported Net sales $ 198 $ 218,223 $ 396 $ 418,376 Provision for income taxes 32 5,326 63 11,717 Net income $ 166 $ 14,748 $ 333 $ 31,062

Statements of Operations-Addi_2

Statements of Operations-Additional Information (Tables)	6 Months Ended
	Dec. 31, 2018
Statements Of Operations Additional Information [Abstract]
Schedule of revenues disaggregated by major product category and geographic region	Net Sales by Product Type Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 Animal Health MFAs and other $ 93,054 $ 82,018 $ 180,058 $ 161,621 Nutritional specialties 29,460 32,623 56,430 63,400 Vaccines 17,048 18,204 34,263 36,665 Total Animal Health $ 139,562 $ 132,845 $ 270,751 $ 261,686 Mineral Nutrition 62,319 59,616 117,157 111,689 Performance Products 16,342 13,415 30,468 25,913 Total $ 218,223 $ 205,876 $ 418,376 $ 399,288 Net Sales by Region Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 United States $ 127,750 $ 129,379 $ 243,842 $ 242,548 Latin America and Canada 39,316 36,126 77,575 68,452 Europe, Middle East and Africa 26,181 27,672 51,040 53,054 Asia Pacific 24,976 12,699 45,919 35,234 Total $ 218,223 $ 205,876 $ 418,376 $ 399,288
Schedule of additional information of statements of operations	Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 Interest expense, net Term loan $ 2,202 $ 2,110 $ 4,314 $ 4,143 Revolving credit facility 920 739 1,667 1,420 Amortization of debt issuance costs and debt discount 220 220 441 441 Acquisition-related accrued interest — 252 — 505 Other 120 2 283 241 Interest expense 3,462 3,323 6,705 6,750 Interest (income) (447 ) (273 ) (907 ) (582 ) $ 3,015 $ 3,050 $ 5,798 $ 6,168 Depreciation and amortization Depreciation of property, plant and equipment $ 5,308 $ 5,222 $ 10,496 $ 10,405 Amortization of intangible assets 1,521 1,397 3,012 2,846 Amortization of other assets 12 12 24 24 $ 6,841 $ 6,631 $ 13,532 $ 13,275

Balance Sheets-Additional Inf_2

Balance Sheets-Additional Information (Tables)	6 Months Ended
	Dec. 31, 2018
Balance Sheets Additional Information [Abstract]
Schedule of additional information of balance sheets	As of December 31, 2018 June 30, 2018 Inventories Raw materials $ 80,649 $ 62,373 Work-in-process 14,907 14,731 Finished goods 97,543 101,066 $ 193,099 $ 178,170 As of December 31, 2018 June 30, 2018 Accrued expenses and other current liabilities Employee related $ 21,282 $ 27,333 Commissions and rebates 7,510 7,341 Insurance-related 1,563 1,168 Professional fees 4,599 4,350 Income and other taxes 4,122 3,610 Acquisition-related consideration 3,928 12,845 Other 15,153 14,497 $ 58,157 $ 71,144 As of December 31, 2018 June 30, 2018 Accumulated other comprehensive income (loss) Derivative instruments $ 3,284 $ 4,986 Foreign currency translation adjustment (70,617 ) (67,098 ) Unrecognized net pension gains (losses) (17,981 ) (18,213 ) (Provision) benefit for income taxes on derivative instruments (818 ) (1,241 ) (Provision) benefit for income taxes on long-term intercompany investments 8,166 8,166 (Provision) benefit for income taxes on pension gains (losses) (3,141 ) (3,083 ) $ (81,107 ) $ (76,483 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of long term debt	As of December 31, 2018 June 30, 2018 Term A Loan due June 2022 $ 237,500 $ 243,750 Capitalized lease obligations 77 118 237,577 243,868 Unamortized debt issuance costs and debt discount (1,301 ) (1,487 ) 236,276 242,381 Less: current maturities (12,577 ) (12,579 ) $ 223,699 $ 229,802

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of significant outstanding derivatives employed to manage market risk and designated as cash flow hedges	Instrument Hedge Notional Consolidated Fair value as of December 31, June 30, Options Brazilian Real calls R$75,000 (1 ) $ 551 $ 71 Options Brazilian Real puts R$75,000 (1 ) $ (146 ) $ — Swap Interest rate swap $150,000 Other assets $ 2,972 $ 5,078 (1) We record the net fair values of our outstanding foreign currency option contracts within the respective balance sheet line item based on the net financial position and maturity date of the individual contracts as of the balance sheet date. The net fair values of  $405 and $71 were included in other current assets as of December 31, 2018 and June 30, 2018, respectively. For the Three Months Ended December 31 Instrument Hedge Gain (Loss) recorded in OCI Gain (Loss) recognized in Consolidated Statement 2018 2017 Consolidated 2018 2017 2018 2017 Options Brazilian Real puts and calls $ 513 $ (1,781 ) Cost of goods sold $ — $ 517 $ 149,579 $ 138,957 Swap Interest rate swap $ (2,756 ) $ 1,505 Interest expense, net $ — $ — $ 3,015 $ 3,050 For the Six Months Ended December 31 Instrument Hedge Gain (Loss) recorded in OCI Gain (Loss) recognized in Consolidated Statement 2018 2017 Consolidated 2018 2017 2018 2017 Options Brazilian Real puts and calls $ 404 $ (2,686 ) Cost of goods sold $ 1,084 $ 703 $ 283,927 $ 268,987 Swap Interest rate swap $ (2,106 ) $ 1,788 Interest expense, net $ — $ — $ 5,798 $ 6,168

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of fair value derivatives, assets and liabilities	As of December 31, 2018 June 30, 2018 Level 1 Level 2 Level 1 Level 2 Short-term investments $ 49,000 $ — $ 50,000 $ — Derivatives asset (liability) $ — $ 405 $ — $ 71 Interest rate swap $ — $ 2,972 $ — $ 5,078 There were no Level 3 fair value measurements as of the periods presented.

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Schedule of information regarding reportable segments	Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 Net sales Animal Health $ 139,562 $ 132,845 $ 270,751 $ 261,686 Mineral Nutrition 62,319 59,616 117,157 111,689 Performance Products 16,342 13,415 30,468 25,913 Total segments $ 218,223 $ 205,876 $ 418,376 $ 399,288 Depreciation and amortization Animal Health $ 5,493 $ 5,265 $ 10,849 $ 10,519 Mineral Nutrition 616 584 1,213 1,169 Performance Products 279 259 552 505 Total segments $ 6,388 $ 6,108 $ 12,614 $ 12,193 Adjusted EBITDA Animal Health $ 35,925 $ 35,036 $ 71,641 $ 68,778 Mineral Nutrition 4,084 5,614 6,647 9,330 Performance Products 1,514 264 2,230 512 Total segments $ 41,523 $ 40,914 $ 80,518 $ 78,620 Three Months Six Months For the Periods Ended December 31 2018 2017 2018 2017 Reconciliation of income before income taxes to Adjusted EBITDA Income before income taxes $ 20,074 $ 21,211 $ 42,779 $ 40,155 Interest expense, net 3,015 3,050 5,798 6,168 Depreciation and amortization – Total segments 6,388 6,108 12,614 12,193 Depreciation and amortization – Corporate 453 523 918 1,082 Corporate costs 9,918 8,436 18,804 16,025 Stock-based 564 — 1,129 — Acquisition-related cost of goods sold — 1,422 — 1,671 Acquisition-related accrued compensation — 487 — 924 Acquisition-related transaction — — — 400 Other, net (1,506 ) — (1,506 ) — Foreign currency (gains) losses, 2,617 (323 ) (18 ) 2 Adjusted EBITDA – Total segments $ 41,523 $ 40,914 $ 80,518 $ 78,620 As of December 31, 2018 June 30, 2018 Identifiable assets Animal Health $ 472,534 $ 455,704 Mineral Nutrition 77,351 69,779 Performance Products 32,430 24,040 Total segments 582,315 549,523 Corporate 114,977 122,156 Total $ 697,292 $ 671,679

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and New Accounting Standards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Net income	$ 14,748	$ 7,032	$ 31,062	$ 22,924
Weighted average number of shares - basic (in shares)	40,383	40,186	40,376	40,065
Dilutive effect of stock options and restricted stock units	140	178	147	264
Weighted average number of shares - diluted (in shares)	40,523	40,364	40,523	40,329
Net income per share
basic (in dollars per share)	$ 0.37	$ 0.17	$ 0.77	$ 0.57
diluted (in dollars per share)	0.36	0.17	0.77	0.57
Dividends per share (in dollars per share)	$ 0.12	$ 0.10	$ 0.22	$ 0.20

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and New Accounting Standards (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Jul. 01, 2018	Jun. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Other current assets	$ 23,605		$ 22,381
Other assets	45,634		46,784
Accrued expenses and other current liabilities	58,157		71,144
Other liabilities	44,540		43,702
Retained earnings	154,984		$ 131,560
Effect of adoption
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Other current assets	100
Other assets	125
Other liabilities	(108)
Retained earnings	$ 333
Effect of adoption | ASU 2014-09, Revenue from Contracts with Customers (Topic 606)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Other current assets		$ 2,100
Other assets		2,325
Accrued expenses and other current liabilities		343
Other liabilities		2,837
Retained earnings		1,245
Post-adoption | ASU 2014-09, Revenue from Contracts with Customers (Topic 606)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Other current assets		24,481
Other assets		49,109
Accrued expenses and other current liabilities		71,487
Other liabilities		46,539
Retained earnings		$ 132,805

Summary of Significant Accoun_6

Summary of Significant Accounting Policies and New Accounting Standards (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
ASSETS
Other current assets	$ 23,605	$ 22,381
Other assets	45,634	46,784
Other liabilities	44,540	43,702
Retained earnings	154,984	$ 131,560
Effect of adoption
ASSETS
Other current assets	100
Other assets	125
Other liabilities	(108)
Retained earnings	$ 333

Summary of Significant Accoun_7

Summary of Significant Accounting Policies and New Accounting Standards (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net sales	$ 218,223	$ 205,876	$ 418,376	$ 399,288
Provision for income taxes	5,326	14,179	11,717	17,231
Net income	14,748	$ 7,032	31,062	$ 22,924
Effect of adoption
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net sales	198		396
Provision for income taxes	32		63
Net income	$ 166		$ 333

Statements of Operations-Addi_3

Statements of Operations-Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Statements Of Operations Additional Information [Line Items]
Total	$ 218,223	$ 205,876	$ 418,376	$ 399,288
United States
Statements Of Operations Additional Information [Line Items]
Total	127,750	129,379	243,842	242,548
Latin America and Canada
Statements Of Operations Additional Information [Line Items]
Total	39,316	36,126	77,575	68,452
Europe, Middle East and Africa
Statements Of Operations Additional Information [Line Items]
Total	26,181	27,672	51,040	53,054
Asia Pacific
Statements Of Operations Additional Information [Line Items]
Total	24,976	12,699	45,919	35,234
Animal Health
Statements Of Operations Additional Information [Line Items]
Total	139,562	132,845	270,751	261,686
Animal Health | MFAs and other
Statements Of Operations Additional Information [Line Items]
Total	93,054	82,018	180,058	161,621
Animal Health | Nutritional specialties
Statements Of Operations Additional Information [Line Items]
Total	29,460	32,623	56,430	63,400
Animal Health | Vaccines
Statements Of Operations Additional Information [Line Items]
Total	17,048	18,204	34,263	36,665
Mineral Nutrition
Statements Of Operations Additional Information [Line Items]
Total	62,319	59,616	117,157	111,689
Performance Products
Statements Of Operations Additional Information [Line Items]
Total	$ 16,342	$ 13,415	$ 30,468	$ 25,913

Statements of Operations-Addi_4

Statements of Operations-Additional Information (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Interest expense, net
Amortization of debt issuance costs and debt discount	$ 220	$ 220	$ 441	$ 441
Acquisition-related accrued interest	0	252		505
Other	120	2	283	241
Interest expense	3,462	3,323	6,705	6,750
Interest (income)	(447)	(273)	(907)	(582)
Interest expense, net	3,015	3,050	5,798	6,168
Depreciation and amortization
Depreciation of property, plant and equipment	5,308	5,222	10,496	10,405
Amortization of intangible assets	1,521	1,397	3,012	2,846
Amortization of other assets	12	12	24	24
Depreciation and amortization	6,841	6,631	13,532	13,275
Term loan
Interest expense, net
Interest expense	2,202	2,110	4,314	4,143
Revolving credit facility
Interest expense, net
Interest expense	$ 920	$ 739	$ 1,667	$ 1,420

Statements of Operations-Addi_5

Statements of Operations-Additional Information (Detail Textuals) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2018	Jun. 30, 2018
Statements Of Operations Additional Information [Line Items]
Deferred revenue	$ 6,416	$ 4,530
Current deferred revenue, included in accrued expense and other current liabilities	$ 1,471	$ 508
Customer
Statements Of Operations Additional Information [Line Items]
Average worldwide collection period for accounts receivable	60 days
Customer | Maximum
Statements Of Operations Additional Information [Line Items]
Payment term	120 days
Customer | Minimum
Statements Of Operations Additional Information [Line Items]
Payment term	30 days

Balance Sheets-Additional Inf_3

Balance Sheets-Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Inventories
Raw materials	$ 80,649	$ 62,373
Work-in-process	14,907	14,731
Finished goods	97,543	101,066
Inventory, net	$ 193,099	$ 178,170

Balance Sheets-Additional Inf_4

Balance Sheets-Additional Information (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Accrued expenses and other current liabilities
Employee related	$ 21,282	$ 27,333
Commissions and rebates	7,510	7,341
Insurance-related	1,563	1,168
Professional fees	4,599	4,350
Income and other taxes	4,122	3,610
Acquisition-related consideration	3,928	12,845
Other	15,153	14,497
Accrued expenses and other current liabilities, total	58,157	71,144
Accumulated other comprehensive income (loss)
Derivative instruments	3,284	4,986
Foreign currency translation adjustment	(70,617)	(67,098)
Unrecognized net pension gains (losses)	(17,981)	(18,213)
(Provision) benefit for income taxes on derivative instruments	(818)	(1,241)
(Provision) benefit for income taxes on long-term intercompany investments	8,166	8,166
(Provision) benefit for income taxes on pension gains (losses)	(3,141)	(3,083)
Accumulated other comprehensive income (loss)	$ (81,107)	$ (76,483)

Balance Sheets-Additional Inf_5

Balance Sheets-Additional Information (Detail Textuals) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Additional Information Of Balance Sheet [Line Items]
Equity method investments		$ 3,141
Amount of acquired business approximately		9,838	$ 15,000
Amount of acquisition payable in January 2019		3,775
MJ Biologics, Inc. ("MJB")
Additional Information Of Balance Sheet [Line Items]
Total amount due for business acquisition paid	$ 12,775
Amount of acquired business approximately	$ 9,000
Amount of acquisition payable in January 2019		$ 3,775

Debt - Summary of long-term deb

Debt - Summary of long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Debt Disclosure [Abstract]
Term A Loan due June 2022	$ 237,500	$ 243,750
Capitalized lease obligations	77	118
Long-term debt including current maturities	237,577	243,868
Unamortized debt issuance costs and debt discount	(1,301)	(1,487)
Long-term debt after debt issuance costs	236,276	242,381
Less: current maturities	(12,577)	(12,579)
Long-term debt	$ 223,699	$ 229,802

Debt (Detail Textuals)

Debt (Detail Textuals) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Jul. 31, 2017
Debt Instrument [Line Items]
Revolving credit facility	$ 88,000	$ 70,000
Interest rate swap
Debt Instrument [Line Items]
Percentage of interest rate	1.8325%	1.8325%		1.8325%
Derivative, notional amount	$ 150,000	$ 150,000		$ 150,000
Credit agreement (the "Credit Agreement") | Revolving credit facility (the "Revolver")
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000
Revolving credit facility	88,000
Outstanding letters of credit	4,191
Aggregate available credit facilities	$ 157,809
Weighted-average interest rates	3.71%		3.01%
Percentage of interest rate	4.00%
Credit agreement (the "Credit Agreement") | Term A Loan and together with the Revolver, "Credit Facilities"
Debt Instrument [Line Items]
Maturity dates	June 29, 2022
Covenant requirement, permitted leverage ratio	a minimum consolidated interest coverage ratio, each calculated on a trailing four quarter basis
Credit agreement (the "Credit Agreement") | Term A Loan and together with the Revolver, "Credit Facilities" | LIBOR
Debt Instrument [Line Items]
Interest rate, description	2.00%, 1.75% or 1.50
Floor rate	0.00%
Credit agreement (the "Credit Agreement") | Term A Loan and together with the Revolver, "Credit Facilities" | Eurodollar
Debt Instrument [Line Items]
Interest rate, description	2.00%, 1.75% or 1.50
Credit agreement (the "Credit Agreement") | Term A Loan and together with the Revolver, "Credit Facilities" | Base Rate
Debt Instrument [Line Items]
Interest rate, description	1.00%, 0.75% or 0.50
Credit agreement (the "Credit Agreement") | Term A Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000
Weighted-average interest rates	3.47%		3.29%
Percentage of interest rate	3.58%

Related Party Transactions (Det

Related Party Transactions (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Relatives of Jack C. Bendheim | Compensation and benefit for services provided
Related Party Transaction [Line Items]
Aggregate compensation and benefits	$ 430	$ 409	$ 1,213	$ 1,129

Income Taxes (Detail Textuals)

Income Taxes (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2018	Dec. 31, 2018
Income Tax Disclosure [Line Items]
Current period expense from effects of GILTI	$ 315	$ 672
Reduction in the provision for income taxes from effect of U.S. Tax Reform	$ 715
Tax year 2017
Income Tax Disclosure [Line Items]
Federal corporate income tax rate		35.00%
Tax year 2018
Income Tax Disclosure [Line Items]
Federal corporate income tax rate		21.00%

Commitments and Contingencies (

Commitments and Contingencies (Detail Textuals) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)PRPs	Jun. 30, 2018USD ($)
Commitments And Contingencies [Line Items]
Number of potentially responsible parties | PRPs	140
Current and long-term liabilities
Commitments And Contingencies [Line Items]
Accrual for environmental loss contingencies payments | $	$ 6,598	$ 6,833

Derivatives (Details)

Derivatives (Details) - Cash flow hedges R$ in Thousands, $ in Thousands		Dec. 31, 2018USD ($)	Dec. 31, 2018BRL (R$)	Jun. 30, 2018USD ($)
Options | Brazilian Real calls
Derivative [Line Items]
Notional amount | R$			R$ 75000
Fair value	[1]	$ 551		$ 71
Options | Brazilian Real puts
Derivative [Line Items]
Notional amount | R$			R$ 75000
Fair value		(146)		0
Swap | Interest rate swap
Derivative [Line Items]
Notional amount		150,000
Swap | Interest rate swap | Other assets
Derivative [Line Items]
Fair value		$ 2,972		$ 5,078
[1]	We record the net fair values of our outstanding foreign currency option contracts within the respective balance sheet line item based on the net financial position and maturity date of the individual contracts as of the balance sheet date. The net fair values of $405 and $71 were included in other current assets as of December 31, 2018 and June 30, 2018, respectively.

Derivatives (Details 1)

Derivatives (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Cost of goods sold	$ 149,579	$ 138,957	$ 283,927	$ 268,987
Interest expense, net	3,015	3,050	5,798	6,168
Options | Cash flow hedges | Brazilian Real calls | Cost of goods sold
Derivative [Line Items]
Gain (loss) recognized in consolidated statements of operations	0	517	1,084	703
Options | Cash flow hedges | Brazilian Real calls | Other comprehensive income (loss)
Derivative [Line Items]
Gain (loss) recorded in OCI	513	(1,781)	404	(2,686)
Swap | Interest rate swap | Cash flow hedges | Interest expense, net
Derivative [Line Items]
Gain (loss) recognized in consolidated statements of operations	0	0	0	0
Swap | Interest rate swap | Cash flow hedges | Other comprehensive income (loss)
Derivative [Line Items]
Gain (loss) recorded in OCI	$ (2,756)	$ 1,505	$ (2,106)	$ 1,788

Derivatives (Detail Textuals)

Derivatives (Detail Textuals) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jul. 31, 2017
Derivative [Line Items]
Maximum maturity period for Foreign Currency Derivatives	Jun. 30, 2020
Other current assets
Derivative [Line Items]
Fair values of total foreign currency derivatives outstanding	$ 405	$ 71
Interest rate swap
Derivative [Line Items]
Derivative, notional amount	$ 150,000	$ 150,000	$ 150,000
Percentage of interest rate	1.8325%	1.8325%	1.8325%
Cash flow hedges | Cost of goods sold
Derivative [Line Items]
Realized gains related to matured contracts recorded as a component of inventory		$ 1,084

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	$ 49,000	$ 50,000
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	49,000	50,000
Derivatives asset (liability)	0	0
Interest rate swap	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0	0
Derivatives asset (liability)	405	71
Interest rate swap	$ 2,972	$ 5,078

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2018
Segment Reporting Information [Line Items]
Net sales	$ 218,223	$ 205,876	$ 418,376	$ 399,288
Depreciation and amortization	6,841	6,631	13,532	13,275
Reconciliation of income before income taxes to Adjusted EBITDA
Income before income taxes	20,074	21,211	42,779	40,155
Interest expense	3,015	3,050	5,798	6,168
Depreciation and amortization	6,841	6,631	13,532	13,275
Stock-based compensation			1,129
Acquisition-related cost of goods sold				1,671
Acquisition-related accrued compensation				924
Foreign currency (gains) losses, net	2,617	(323)	(18)	2
Identifiable assets	697,292		697,292		$ 671,679
Animal Health
Segment Reporting Information [Line Items]
Net sales	139,562	132,845	270,751	261,686
Mineral Nutrition
Segment Reporting Information [Line Items]
Net sales	62,319	59,616	117,157	111,689
Performance Products
Segment Reporting Information [Line Items]
Net sales	16,342	13,415	30,468	25,913
Operating Segments
Segment Reporting Information [Line Items]
Net sales	218,223	205,876	418,376	399,288
Depreciation and amortization	6,388	6,108	12,614	12,193
Adjusted EBITDA - Total segments	41,523	40,914	80,518	78,620
Reconciliation of income before income taxes to Adjusted EBITDA
Income before income taxes	20,074	21,211	42,779	40,155
Interest expense	3,015	3,050	5,798	6,168
Depreciation and amortization	6,388	6,108	12,614	12,193
Stock-based compensation	564	0	1,129	0
Acquisition-related cost of goods sold	0	1,422	0	1,671
Acquisition-related accrued compensation	0	487	0	924
Acquisition-related transaction costs	0	0	0	400
Other, net	(1,506)	0	(1,506)	0
Foreign currency (gains) losses, net	2,617	(323)	(18)	2
Adjusted EBITDA - Total segments	41,523	40,914	80,518	78,620
Identifiable assets	582,315		582,315		549,523
Operating Segments | Animal Health
Segment Reporting Information [Line Items]
Net sales	139,562	132,845	270,751	261,686
Depreciation and amortization	5,493	5,265	10,849	10,519
Adjusted EBITDA - Total segments	35,925	35,036	71,641	68,778
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	5,493	5,265	10,849	10,519
Adjusted EBITDA - Total segments	35,925	35,036	71,641	68,778
Identifiable assets	472,534		472,534		455,704
Operating Segments | Mineral Nutrition
Segment Reporting Information [Line Items]
Net sales	62,319	59,616	117,157	111,689
Depreciation and amortization	616	584	1,213	1,169
Adjusted EBITDA - Total segments	4,084	5,614	6,647	9,330
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	616	584	1,213	1,169
Adjusted EBITDA - Total segments	4,084	5,614	6,647	9,330
Identifiable assets	77,351		77,351		69,779
Operating Segments | Performance Products
Segment Reporting Information [Line Items]
Net sales	16,342	13,415	30,468	25,913
Depreciation and amortization	279	259	552	505
Adjusted EBITDA - Total segments	1,514	264	2,230	512
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	279	259	552	505
Adjusted EBITDA - Total segments	1,514	264	2,230	512
Identifiable assets	32,430		32,430		24,040
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	453	523	918	1,082
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	453	523	918	1,082
Corporate costs	9,918	$ 8,436	18,804	$ 16,025
Identifiable assets	$ 114,977		$ 114,977		$ 122,156

Business Segments (Detail Textu

Business Segments (Detail Textuals) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Segment Reporting Information [Line Items]
Equity method investments	$ 3,141
Animal Health
Segment Reporting Information [Line Items]
Equity method investments	3,141	$ 3,432
Performance Products
Segment Reporting Information [Line Items]
Equity method investments	$ 629	$ 437